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MSHDA Help for Hardest Hit Homeowners

Helping Hardest Hit Homeowners

 

The U.S. Department of Treasury approved the Michigan State Housing Development Authority’s (MSHDA) plan to distribute $154.5 million in federal funds that should help more than 17,000 Michigan households avoid foreclosure.  In February President Obama announced $1.5 billion in funding for innovative measures to help families in the states that have been hit the hardest by the aftermath of the housing bubble.

 

MSHDA was selected as one of five state Housing Finance Agencies (HFAs) to share in the Hardest Hit Fund investment and is the first of the nation’s HFAs to implement its plan.

 

Michigan’s Helping Hardest Hit Homeowners plan is designed to provide:

 

  • Mortgage payment assistance for homeowners currently receiving unemployment compensation,
  • Rescue funds for homeowners who have fallen behind in their mortgage payments due to no fault of their own and who have overcome this obstacle, and
  • Federal matching funds for principal reductions for homeowners who can no longer afford their mortgage payments as a result of reduced income.

 

Over the next several weeks mortgage loan servicers will begin signing participation agreements. Servicer participation is not mandatory, so if your servicer is participating, contact your servicer directly to see if you are eligible.

 

 
If you need additional assistance and/or your servicer is not currently participating in the H4HH programs, please contact a Homeownership Counselor in your area today.

 

 

 

Jon Becker - Century 21 Northland

Traverse City Real Estate Listings, Brochures & local information

231-342-5401

jon@c21jb.com

 

Posted: Monday, July 12, 2010 3:07 PM by Jon Becker

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